16:29 Mar 7, 2011 

what I understood is:
So the "local" currency (that is, the euro) may not always move to reflect local conditions.
Not only that but it can't be adjusted or manipulated to best serve the interests of individual countries-- it's a one-size fits all.

16:24 Mar 7, 2011 

Presumably, the context would make that clear... For instance, in the euro zone, there's only one currency, although there are many different economies.... So the "local" currency (that is, the euro) may not always move to reflect local conditions. But that's just my thought...

16:24 Mar 7, 2011 

from what I understand, the "rigid" refers to the fact that it's one currency (euro) imposed on all euro area countries, so there is no flexibility within this one currency system.

16:05 Mar 7, 2011 

I don't understand the French. There is no rigid system of exchange-rate management - it's a free market.

12:32 Mar 7, 2011 

I've translated it as "rigid fixed rate exchange management system"

10:58 Mar 7, 2011 

No, he's talking about monetary policy and the euro. So, to me it is change=exchange. I'll check though. I had thought of "as in a rigid system for managing foreign exchanges" - should it be simply "currency exchanges" and not "foreign"?